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BULL ©nr.'ftiDi 

^U Of 

^imounconent 19094910 



Lake and Dearborn Streets 



^tmottntement 19094910 






30 — Thursday . 

. Annual Opening of the School of 


I — Friday . . 

4 — Monday 
25 — Thursday . 
23 — Thursday . 

. Registration Day 

. Regular class work begins 

. Thanksgiving, a holiday 

. Christmas recess, to January 2. 



3 — Monday 

. Class work resumed 






28 — Friday 
31 — Monday 
7 — Monday 
22 — Tuesday. . 
25 — Friday . . 

. Founder's Day 
. Mid-year examinations begin 
. Second semester begins 
. Washington's Birthday, a holiday 
. Easter recess, to Monday, March 
28, inclusive 


27 — Friday 
I — ^Wednesday 
5 — Sunday . . 

. Instruction closes 

. Summer School begins 

. Baccalaureate Sermon at Evanston 


7- — Tuesday. . 
8 — Wednesday 

. Annual Meeting of the Corporation 
. Fifty-Second Annual Com- 
mencement OF Northwestern 


30 — Saturday . 

. Summer School closes 


Plan of Organization 

The School of Commerce was organized in June, 1908, sixty 
business men of Chicago, members of the Chicago Association 
of Commerce, the IlHnois Society of Certified Accountants, and 
the Industrial Club of Chicago, assuming financial responsibility 
for the School during the first three years of its existence. The 
co-operation of these men with the University in founding a Uni- 
versity School of Commerce was brought about largely through 
the efforts of Mr. Joseph Schaffner. 

The School is an integral part of Northwestern University 
under the immediate financial supervision of an executive com- 
mittee composed of the president and the business manager of 
the University, three members of the Chicago Association of Com- 
merce, and three members of the Illinois Society of Certified 
Public Accountants. The co-operation of the University with 
active business men insures the maintenance of university stand- 
ards and serves at the same time to keep the instruction in close 
touch with actual business life and modern commercial methods. 

Guarantor's Agreement 

(i) The undersigned subscribers to this agreement shall constitute a Board of 
Guarantors who, through an Executive Committee, shall supervise the finances of the 
School of Commerce, who shall authorize all expenditures, and to whom a detailed 
financial statement shall be submitted annually. The acts of the Board of Guarantors 
and of its committees shall be subject to the approval of the Executive Committee of 
the Board of Trustees. 

(2) The business and financial management of the School shall be vested in an 
Executive Committee of the Board of Guarantors, consisting of the President of the 
University, ex-officio, and of seven members, one of whom shall directly represent 
Northwestern University, three shall be members of the Board of Guarantors and three 
shall be members of the Illinois Society of Certified Public Accountants. The 
representative of the University shall be its Business Manager and he shall be 
Treasurer of the School. 

(3) In consideration of the financial obligation assumed by this Board of Guar- 
antors, the trustees of Northwestern University, as parties to this agreement, agree to 
permit the use of such available rooms in the Northwestern University Building, at the 
comer of Lake and Dearborn Streets, Chicago, as are necessary for the purposes of 
said School. 


(4) The School of Commerce shall be an integral part of the University, the pay- 
ment of all fees shall be made through the office of the University in the Northwestern 
University Building, at the comer of Lake and Dearborn Streets, in Chicago, the 
Business Manager shall account for fees and disburse funds on requisition in the 
regular way. 

(5) The trustees of the University, upon recommendation of the faculty of the 
School of Commerce, shall grant a diploma to students who have completed satis- 
factorily any of the prescribed courses. 

(6) The Dean of the School of Commerce, who shall be the administrative ofl&cer, 
shall be appointed by the President and trustees of Northwestern University. 

(7) The Dean shall have power to appoint assistants in both instruction and admin- 
istration, subject to the approval of the President and trustees of the University. 

(8) As soon as the required amount of subscriptions be obtained, upon the written 
request of five guarantors, a meeting of the guarantors in person or by proxy shall be 
held for organization and the appointment of an Executive Committee. 

(9) Except as herein definitely provided the government and conduct of the School 
shall be determined according to the statutes of the University. 

(10) This agreement shall cease and terminate on September 30, 191 1. 

I hereby agree to become a member of the Board of Guarantors of the School of 
Commerce of Northwestern University, and agree to become liable for a sum not to 
exceed the amount set opposite my name, to cover any deficit which may be in- 
curred in the operation of said School, under the provisions set forth above. 

Any possible assessment on this subscription shall not exceed such proportion of the 
total deficit as my subscription bears to the total amount subscribed, and said assess- 
ment, if any, shall be payable on the fifteenth day of May of each year covered by this 

This agreement shall not be valid until a total of $5,000 shall have been sub- 


Board of Guarantors 

Alfrhd L.|Baker 
Adolphus Clay Bartlett 
Harold Bennington 
Charles L. Brown 


R. S. Buchanan 
Edward B. Butler 
J. Fred Butler 
Fayette S. Cable 
Eliada J. Cady 
James Robert Cardwell 
John Alexander Cooper 
Joseph H. DeFrees 
A. Lowes Dickinson 
Herman J. Dirks 
George W. Dixon 
William A. Dyche 
Charles W. Folds 
David R. Forgan 
Edward E. Gore 
Richard C. Hall 
William F. Hypes 
J. Porter Joplin 
William Kendall 
Edward Chester Kimbell 
Charles S. Ludlam 
John Lee Mahin 
Charles A. Marsh 
James Marwick 
Stephen T. Mather 

L. Wilbur Messer 

E. M. Mills 

S. Roger Mitchell 

Arthur G. Mitten 

Luman S. Pickett 

Ernest Reckitt 

William Hinman Roberts 


Albert W. Rugg 
Joseph Schaffner 
Charles H. Schweppe 
John W. Scott 
Elijah W. Sells 
Ernest W. Seatree 
Arch. Wilkinson Shaw 
George A. Sheldon 
Edwin M. Skinner 
Allen R. Smart 
Mason B. Starring 
Joseph E. Sterrett 
Homer A. Stilwell 
Seymour Walton 
Harry A. Wheeler 
L. L. White 
John T. Wilder 
T. Edward Wilder 
Orva G. Williams 
Henry W. Wilmot 
H. A. Winterburn 
Arthur Young 


Executive Committee of the Board of Guarantors 
Abram Winegardner Harris 

President of the University, Chairman ex-officio 

Representing the Chicago Association of Commerce 
Richard C. Hall 

President of the Association of Commerce 

Joseph Schaffner 

Hart, Schaffner & Man 

L. Wilbur Messer 

Chairman Association of Commerce Committee on Commercial & Industrial Educa- 
tion, General Secretary of the^Chicago Central Young Men's Christian Association. 

Representing the Illinois Society of Certified Public Accountants 
John Alexander Cooper, C.P.A. 

Vice-President of the Illinois Society of Certified PubHc Accountants 

Allen R. Smart, C.P.A. 

Manager Barrow, Wade, Guthrie & Company 

J. Porter Joplin, C.P.A. 

Buchanan, Walton & Joplin 

William A. Dyche 

Business Manager of Northwestern University 

Finance Committee 
Messrs. Cooper, Dyche and Messer 



Abram Winegardner Harris, Sc.D., LL.D., 

President of the University. 
WiLLARD Eugene Hotchkiss, A.M., Ph.D., 

Dean and Professor of Economic and Social Science. 
Frank R. Mason, A.M., 

Secretary and Instructor in Merchandising. 

Seymour Walton, A.B., C.P.A., 

Professor of Theory and Practice of Accounting. 
Walter Dill Scott, Ph.D., 

Professor of Advertising. 
Earl Dean Howard, A.M., Ph.D., 

Assistant Professor of Banking and Finance. 

Assistant Professor of Economics and Commerce. 
William D. Kerr., A.M., 

Instructor in Transportation. 
Guy Van Schaick, B.L., LL.B., 

Instructor in Commercial French and Commercial Spanish. 
George Orrin Schryver, A.M., 

Instructor in Commercial German. 
Henry G. Phillipps, C.P.A., 

Lecturer in Accounting. 
Alfred William Bays, A. B., LL.B., 

Lecturer in Commercial Law. 
John Lee Mahin, 

Lecturer on Advertising. 
Donald F. Campbell, M.A., Ph.D., 

Lecturer on Life Insurance. 
Joseph B. Finnegan, S. B., 

Lecturer on Fire Insurance. 


Special Lecturers 

George B. Caldwell, Manager, Bond Department, American 
Trust & Sa-vings Bank. 

Frederick Adrian Delano, President, Wabash Railroad Com- 

Charles W. Folds, Chas. Hathaway & Co., Brokers. 

David R. Forgan, President National City Bank of Chicago. 

John Henry Gray, Professor of Economics and Political Science, 
University of Minnesota. 

C. F. HuLBURD, President, Elgin National Watch Company. 

Joseph French Johnson, Dean of School of 'Commerce, New 
York University. 

John Lee Mahin, President, Mahin Advertising Company. 

L. Wilbur Messer, General Secretary, Chicago Central Young 
Men's Christian Association. 

G. M. Reynolds, President, Continental National Bank of 

George E. Roberts, President, Commercial National Bank 
(Director of the Mint, 1898-1907). 

William A. Scott, Director of Course in Commerce, University 
of Wisconsin. 

Edward M. Skinner, Credit Manager, Wilson Brothers; Presi- 
dent Association of Commerce. 

Towner K. Webster, President, Webster Manufacturing Com- 

Harry A. Wheeler, Vice-President, Association of Commerce. 


Foundation and Aim 

Need for Uni- The Northwestern University School of Com- 
VERSiTY Train- merce was established to meet the needs of 
ING FOR Business men who desire to enlarge their field of use- 
fulness by systematic study and to lay a 
broad, scholarly foundation for a business career. Business 
men of wide experience are advising a careful and thorough 
preparation such as the University School of Commerce is 
intended to furnish. The development of business organization 
and the growth of definite standards of business efl^iciency has 
helped to bring into teachable form the permanently valuable 
elements in successful experience and has made the feasibility of 
university training in business principles and practice universally 
recognized. As never before, the highest efficiency in business 
involves ability to see problems in all their relations. Men who 
have not been trained to take a broad view of business activities 
can scarcely hope to rise to positions of command and influence. 

Evening In founding the Northwestern University School 

Courses of Commerce, business men and educators have 

Leading to united to supply the professional training which 

Diploma in modern business requires. To accommodate 

Commerce the large number of men who are precluded 

by their employment from pursuing regular 
day work at a university, the School began by inaugurating in 
October, 1908, an evening course leading to a diploma in com- 
merce. This work is given five evenings a week, between the 
hours of seven and nine, from October to May inclusive. Stu- 
dents who are able to carry the work of four courses one evening 
each, per week, can complete the diploma course in three years. 
If a less number of evenings can be devoted to the work, the time 
for completing the course is correspondingly lengthened. 

Registration The demand for business training of university 
During the grade among men regularly employed in busi- 

Past Season ness has been amply demonstrated by the 

success of the School during its first year. In 
the six courses offered, constituting together only a small part of 


the ultimate curriculum, there have been registered a total of 255 
students. A surprisingly large proportion of these men have been 
able" to carry the work throughout the season and up to the close 
of instruction frequent applications for admission continued to 
come in. 

Degree Conditions affecting the degree course, pro- 

CouRSE vision for which is contemplated during the 

coming year, will be found in the section on 
admission and degree requirements ( p. 32 ). This course will 
be adapted to the needs of men who are able to devote their full 
time to study. 

New Courses In accordance with the plan of expansion 
TO BE Offered adopted when the School was organized, the 
During the size of the faculty has been greatly increased 

Coming Season and the amount of instruction offered during 
the ensuing year will be more than double that 
of the year just ended. All the members of the instructing staff, 
who carried the School through its first year, will continue their 
work during the season 1909-10. In enlarging the instructing 
force, the policy of preserving the balance between men who devote 
themselves exclusively to university teaching and those who are 
occupied primarily with business pursuits, has been maintained. 

Special In connection with the new work to be offered 

Course in during the coming year, special mention should 

Philosophy be made of the course in Psychology of Business. 

OF Business This course, in larger measure than any of the 

other courses offered, is a new departure in ed- 
ucation for business. It is everywhere accepted that a knowledge 
of men and of the operations of the human mind are indispensable 
conditions of business success, but until Professor Scott published 
his two books on the Psychology of Advertising and the Psych- 
ology of Business, it was not so generally recognized that this 
human element in business is capable of systematic, scientific 
study. These books have won universal favor equally with 
psychologists and practical business men. While the material 
they contain will be used as the basis of the course, much ad- 
ditional corroborative and illustrative matter will be introduced. 
Mr. John Lee Mahin, president of the Mahin Advertising Com- 


pany, will be associated with Professor Scott during the second 
half of the course. His lectures will cover principles and their 
application as derived from active everyday experience. 

Purpose to The purpose of instruction given at the School 

Supplement, of Commerce, whether in the degree, or in the 

NOT TO Replace diploma course, is in no sense to replace practi- 
BusiNESS Ex- cal business experience. The mass of material 
PERiENCE offered by the business activities of the city and 

nation constitutes the laboratory of higher 
commercial education. In harmony with the tendency toward 
specialization in other lines, the work of systematizing this ma- 
terial and reducing it to teachable form is becoming in large 
measure the special task of University teachers. A course in the 
School of Commerce, in the case of students already employed in 
business, should supplement and systematize the results of expe- 
rience already acquired. Young men not yet entered upon their 
business activities should be enabled, through a systematic course 
of training, to turn their future experience to most efficient use. 

To Adapt Busi- In a time of less specialization, when many of 
NESS Training the great business firms were in process of 
TO Needs of formation, a young man who secured a position 

Present Day in a thriving business and grew as the business 
Business grew, may have obtained in actual business 

life the training best adapted to the needs of 
that time. The situation at present, however, is essentially differ- 
ent; with the specialization of modern business, it is becoming 
more and more obvious that ** practical business experience'* 
does not, and cannot, for the great mass of business employes, 
furnish unaided the kind of training that is to-day demanded in 
the more responsible positions. Able young men, who from ne- 
cessity, or from too great haste to engage in business, obtain em- 
ployment without requisite training to advance to higher positions, 
often waste years in subordmate routine work because unable to 
secure the promotion for which their native abilities, if properly 
developed, would naturally fit them.""- In every business center 
there are hundreds of young men who feel keenly the need of 
systematic training which a University School of Commerce should 



School of Com- The aim of the Northwestern University 
MERGE Aims to School of Commerce will be to give to its 
Increase students, with the advantages of university 

Efficiency and culture, a broader outlook upon all the relations 
Promote of their prospective callings. By enlarging 

Progress of their horizon and thus increasing their effi- 

Students ciency, the School can scarcely fail to promote 

the progress of its students toward positions 
of greater responsibility and influence. 

School of The service of a University School of Com- 

CoMMERCE merce is not, however, confined to the personal 

SHOULD Raise benefits obtained by business employes. The 
Standards of dearth of men properly qualified for positions 
Business of heavy responsibility is a situation by which 

Efficiency nearly every large employer is confronted. 

Many branches of business are rapidly ac- 
quiring, and ought to acquire, recognized professional standing. 
The interests of the public require in these branches the same 
grade of professional service demanded in law, medicine, and 
other professions. The public is insisting that the business man 
look beyond the personal aspects of his activities to the broader 
principles of service upon which business organization is founded. 

Present-Day Every young business man demands a training 
Business which will not only enable him in the face of 

Requires a infinite complexity and specialization to main- 

Broad tain his place in the profession, but one which 

Training will help him to become a leader in raising the 

standards of business efficiency in the broadest 
and best sense of the word. The far-reaching public relations 
of a great modern business are demanding qualities of mind 
and spirit which a comprehensive study of business, in its broader 
and more fundamental relations, is best calculated to foster. 

Commercial The unparalleled advance of German trade 

Education in and commerce during the last generation has 
Europe been long attributed in large measure to the 

excellence and thoroughness of German com- 
mercial education. Other countries are rapidly perfecting their 
educational systems in this regard. In Great Britain evening 


schools of commerce have had a noteworthy development. In 
Manchester alone the Central Evening School of Commerce, 
with courses covering the field of commerce and accounts, 
as well as courses in political science and modern lan- 
guages, had a registration last year of nearly three thousand 

Need is for Until a few years ago, the only opportunity 

Training of in this country for special business training 

University beyond the common school or high school, was 

Grade found in the work of elementary ** business 

colleges." Useful in its field as the function of 
the "business college" has doubtless been, it has sought to pre- 
pare its students only for the routine duties of subordinate clerical 
positions. The need at present is for commercial education of a 
distinctively university grade. 

Immediate A number of universities have for several years 

Demand conducted day courses in commerce; but only 

Met by those universities which are located in close 

Evening proximity to a large city have been able to make 

Courses their work available to that class of students 

by whom it is most needed and appreciated. 
The evening courses not only render the service that is immediately 
demanded, but they can be most effective in bringing about that 
close contact with actual business which is absolutely essen- 
tial to successful education for leadership in the commercial 

The Univer- Northwestern University occupies an exception- 
sity's Facilities al position for work of this kind. Its building 
FOR Advanced at the corner of Lake and Dearborn Streets, 
Work in Chicago, in the heart of the commercial center 

Commerce of the country, is occupied by several of the 

professional schools of the University and is 
fully equipped for educational work. Its proximity to all the large 
libraries of the city offers unusual opportunities for study along 
lines followed in the courses. The situation of the school in close 
contact with the actual business affairs of the city makes available 
a mass of material for study and observation which could scarcely 
be excelled anywhere in the country. 



The School The advantages of location are greatly en- 

is Close to hanced by the plan under which the School is 

THE Business organized. The representatives of the leading 
Community business firms, whose names appear on the list 

of guarantors, have shown their direct interest 
in the work the School is undertaking. They are, moreover, 
through their executive committee, responsible for its efficient 
management. Some of them will participate as special lecturers 
in the work of instruction, while others have expressed a willingness 
to make their plants available as laboratories of business edu- 
cation. The interest of these men, in addition to keeping the 
work in line with the needs of the business community, will offer 
peculiar advantages to graduates of the School. 


Description of Courses 

Evenings seven to nine 
Accounting, First Principles — Mondays. 

This course is intended to form an introduction to the study 
of accounting. Sufficient attention will be devoted to the main 
types of bookkeeping to give the student without previous account- 
ing experience an intelligent understanding of the construction 
and interpretation of accounts. Analysis will be made of the 
financial standing of business properties involving a study of 
earnings, debits, credits, assets and liabilities. Such items as 
depreciation of stock and equipment, appreciation of franchises, 
patents and good will, interest, sinking funds and dividends will 
receive particular attention. Actual accounts of commercial 
and industrial concerns will be analyzed and interpreted. 

It is expected that this course will normally precede the course 
in intermediate accounting; the two courses may, however, be 
taken contemporaneously by students who have some knowledge 
of bookkeeping and who desire to specialize in accounting. 

Accounting, Intermediate — Fridays . . . Mr. Phillipps 
This course presupposes a thorough knowledge of primary 
accounting and routine bookkeeping. These subjects will be 
touched upon only to give the history and the foundation prin- 
ciples involved in a double entry system. 

The course will be concerned primarily with the **how'* of 
different accounting problems met with in a modern business 
office. It will deal with partnership accounts, their opening, 
management and closing; accounts incident to a corporation, in- 
cluding acquisition from individual ownership, the issue and 
treatment of capital stock, dividends, mergers of several com- 
panies, and liquidation; receiver's and executor's accounts and 
the accounts of banks and brokers. Cost accounts will be 
treated in a general way. The object of the course will be to 
give the student a knowledge of principles and procedure as 
exemplified in modern accounting methods. In order to arrive 


at a clear idea of the principles underlying accounting operations, 
the class will be expected to work out a large number of problems 
in theory, auditing, and practical accounting. Answers sub- 
mitted will be marked and returned after discussion in the 
class. Outline notes of all lectures will be furnished. 

Accounting, Advanced — Mondays . . Professor Walton 
The course in advanced accounting will deal primarily with 
the **why** of accounting principles and will be confined to the 
scientific analysis of problems in practical accounting, theory, and 
auditing. A number of special and peculiar lines of accounts will 
be taken up, such as ** Municipal,** ** Public Utility,** and ** Insur- 
ance Accounts,** and the subdivisions of ** Manufacturing** 
accounts. Discussions, as far as possible exhaustive, will be had 
on such topics as ** Sinking Funds,** *' Reserve Accounts,** ** De- 
preciation,** and **Good Will.** Auditing will be treated fully in 
connection with each subject. Questions asked at the C. P. A. 
examinations of different states, will be discussed with the object 
of reaching the accounting principles involved. Students will 
be required to submit answers to all questions, which will be 
returned with markings, not only as to their correctness, but also 
as to clerical technique. To accustom the students to working 
under pressure of limited time, they will be required to note on 
each answer the amount of time consumed. Discussions in the 
class will be encouraged on all important points. The student 
is expected to be familiar with the ordinary vocabulary of the 
accountant and be able to understand the relations of different 
accounts to each other from the bookkeeping standpoint. Ab- 
stracts of lectures will be furnished each student. Students who 
complete this course with credit will be prepared for the C. P. A. 

[Higher Accounting Problems ] 

Not to he given in 1909-10. 
A continuation of the intermediate and advanced courses de- 
signed primarily to broaden the foundation of students who intend 
to follow accountancy as a profession. Concrete problems not 
covered in the work of the preceding courses will be discussed. 
Specific application will be made of advanced principles of ac- 
countancy to particular lines of business; investment accounts. 


brokers* accounts, executors' and trustees* accounts, merchandis- 
ing accounts, railroad accounts, manufacturing accounts and cost 
keeping; problems involving the relation of the accounting to 
other departments of the business. Specialized courses in advance 
accounting may be arranged as occasion demands. 

Commercial Law 

The work in Commercial Law is designed to give the student a 
knowledge of such legal principles as will be of practical assistance 
to him and give him greater efficiency in his business affairs. It 
also includes all these subjects required for the examination for 
Certified Public Accountant. 

Commercial Law I — Tuesdays Mr. Bays 

(a) Contracts and Sales — Theory of contractual relationship; 
offer and acceptance; express and implied contracts; considera- 
tion; form; what contracts must be in writing; construction and 
operation of contracts; performance, breach and damages. 

(b) Negotiable Instruments — Meaning of negotiability; what 
instruments negotiable; right and liabilities of makers, drawers, 
payees and endorsers; steps necessary to be taken at maturity. 

(c) Agency — Real and apparent authority; ratification; un- 
disclosed principals; duties and powers of agents and the effects 
of agency in various business situations. 

(d) Bailments — Nature and classification of bailments; re- 
spective rights of bailor and bailee; pledges; lien of bailee. 

(e) Partnerships — Kinds of partnerships and partners; firm 
name; capital and property; rights of partners; powers of partners 
to bind firm; rights of third persons against firm and members 
thereof; dissolution of firm. 

(f) Suretyship — Liabilities of guarantors and sureties; rights 
of co-sureties; rights of sureties against the principal on payment 
of debt; indemnity bonds and surety companies. 

(g) Corporations for Profit — Kinds; theory of; charter; by- 
laws; capital stock; property; rights and duties of stockhold- 
ers and directors; rights of creditors; ultra vires acts; con- 
solidation of corporations; monopolies and trusts; winding up 
and dissolution of corporations. 


Commercial Law II — Thursdays Mr. Bays 

(a) Real-Estate Law — Different kinds of property; capacity 
of parties to contract in respect to real estate; contracts for sale 
of real estate; deeds of conveyance; mortgages; landlord and 
tenant; real-estate brokers. 

(d) Patents^ Copyrights, Trademarks and Unfair Competition in 
Trade — Patentability of inventions; infringements and remedies 
therefor; common law and statutory copyright; registration of 
trademarks; what may be appropriated for trademark; one's 
right to use of his own name in business. 

(c) Debtor and Creditor — General and judgment creditors; 
attaching creditors; secured and unsecured creditors; chattel 
mortgages; exemptions of debtor and waiver; assignments for 
benefit of creditors; composition with creditors; property which 
may be reached on execution; creditor's bills; garnishee process, 

(d) Bankruptcy — Laws of states and of the United States; 
supersessoin of state laws; who may be bankrupt; receiver and 
trustee; duties and privileges of bankrupts. 

(e) Insurance — History and legal aspect of the business; re- 
lation of the underwriter, or insurance company, to the state, the 
assured, and the agency force. Company management and pro- 
visions for legal reserve; investment of funds; equitable dis- 
tribution of surplus. Responsibility of directors. State control 
over insurance corporations as regards taxation and supervision. 

Money, Banking and Finance 

Finance — Thursdays Professor Howard 

(a) The Economics of Finance — The place of Finance in our 
economic system; the financial principles arising from division 
of labor, private property, organization of industry, exchange, etc. 

(b) The Basis of Values — The underlying principles of value; 
capital and income, forms of capital investment — stocks and bonds 
and their value. Markets, stock exchanges. Wall Street. 

(c) Money — The principles of money, a description of our 
monetary system, compared with that of other countries. The 
Greenback movement of the 70's, the Free Silver movement, the 
Gold Standard. Demand and supply of gold. Legal tender. 


(d) Banking — The function of banks, the development of 
banking, foreign banking systems, the Bank of England. 

Deposits and bank notes; elastic currency; the Canadian 
system; proposals of the American Bankers' Association. 

The National Bank Act; state banking laws. The money 
market, call loans, rate of interest, the relation between the New 
York banks and Wall Street, the U. S. Treasury and Wall Street. 
The principles of foreign exchange. 

(e) Credit — Loans and the granting of bank credit. The credit 
man in the bank. The business of dealing in commercial paper. 
The principles of credit; collateral, the personal equation. 

(f) Panics and Financial Crises — The great panics of 1837, 
1857, 1873, 1893. The Wall Street panics of 1901 and 1903. The 
panic of 1907. The nature and causes of panics. Plans for the 
mitigation of panics. 

Corporation Finance — Wednesdays . . Professor Howard 

(a) Corporate Organization — History and economic functions. 
Formation and organization of corporations; operations and posi- 
tion of the promoter; capitalization; comparative advantages 
of organization in New Jersey and other states. Corporations 
in foreign countries, underwriting; function trust companies 
in organization of corporations. 

(b) Marketing of Securities — Rules and methods of stock 
exchanges. Brokerage and margin trading — speculation vs. in- 
vestment. Prices of securities; manipulation; factors deter- 
mining fluctuations. Stock market panics. Foreign methods 
of trading in securties. 

(c) Charters and Functions of Corporations — Charters, how 
obtained. Common powers, by-laws, ultra vires acts. Relations, 
rights and duties of stockholders, directors and ofl[icers. Regu- 
lation of corporations by government. 

(d) Failures and Reorganizations — Causes of failures. Ap- 
pointment and duties of receivers. Courts of Chancery. 

Receivers' certificates. Advantages of various plans of re- 

Stocks and Bonds and Investments — 

Given in 1 909-10 only on sufficient registration. Hours to be 


A study of the securities issued by national, state and muni- 
cipal governments and by railroads and other industrial corpora- 
tions. The nature of investment, and a comparison of the ad- 
vantages of various kinds of stocks and bonds for investment 
purposes. A detailed description will be given of the security 
market and the organization and methods of the stock exchange. 
The course v^ill afford a practical and comprehensive insight into 
the banking and brokerage business, and will be of value to in- 
vestors as an aid in guiding the purchase of securities with a view 
to their stability, saleability, and income-producing capacity. 
The organization of bond houses and their methods of marketing 
securities will be studied. 


[Economic Resources and Foreign Trade — ... ] 

Not given in 1909—10. 

A comparison of the resources and leading industries of differ- 
ent countries. Trade conditions arising out of the systems of 
business organization in different countries. Foreign countries 
as markets for American goods, as places of investment for surplus 
American capital. Trade conditions in South America, in the 
Far East. Influence of shipping on foreign trade. Organiza- 
tion of ocean commerce. Effect of tariffs on international trade. 
Influence of stock and produce exchanges on foreign trade. 

Economic Problems 

Given in 1909-IO only on sufficient registration. Hours to he 

Industrial conditions arising out of concentration of industry. 
Economic progress of the last century; the development of re- 
sources; improved methods of production. Development of in- 
dustrial classes. Business as affected by the consuming capacity 
of the population; comparison of the consuming capacity of 
American with foreign populations. The labor problem in differ- 
ent parts of the world; the development of trade unions; present 
status of unionism; influence of unions in business organization; 
different policies toward unions. Consolidations of capital; 
effects of consolidation on business organization. Discussion of 
present economic conditions in business. 


Practical Economics — Wednesdays . Professor Hotchkiss 
The aim of this course will be to give students an appreciation 
of the principles underlying the business activities of the com- 
munity, and to enable them to apply sound economic reasoning 
to the practical affairs of business life. The first part of the course 
will be concerned largely with establishing, through discussion and 
illustrations drawn from concrete experience, the principles upon 
which values are based. 

The course will cover such subjects as the following: Value 
and Wants; Measure of Value — money as a medium of exchange; 
the principles of value and practical business problems; taxes, 
tariffs, and government regulation of industry; principles of 
value applied to specific lines of business. 

A constant effort will be made to check general principles by 
application to concrete facts. Students will be expected to draw 
from their experience and to participate freely in the discus- 

[Public Relations of Business — . . Professor Hotchkiss] 

Not given in 1909— 10. 

Work in this field will involve a consideration of the way in 
which business comes in contact with the community and the 
government. The relations of a large business concern to the 
city, the state, the nation. The business man as citizen. Civic 
functions of commercial bodies such as associations of commerce, 
commercial clubs, boards of trade, etc. 

The government as a regulator of business; regulation of the 
holding and transmission of property; regulation of dangerous 
and offensive trades; regulation of traffic in streets, of use of side- 
walks, alleys, etc., regulation of corporate organization, of money 
and finance, of commerce; regulation of public service industries 
such as railways, street railways, gas and electric-light companies, 
telephone and telegraph companies, water and power companies. 
Effect of public service industries on the business conditions of a 
town or city. Influence of public regulation on production; 
regulation from the point of view of the consumer. Critical 
discussion of the object, efficiency, and general policy of public 


Industrial Organization and Business 

Work in this field will aim to bring to the use of students the 
experience obtained in successful business undertakings. Typical 
up-to-date concerns in various lines of business will be selected for 
study. A first hand investigation will be made of their organization, 
division into departments, executive control, and the relation of 
the various departments to the whole. 

The more specialized courses in this subject will fall naturally 
into two groups; first, those dealing with the different divisions 
of large business concerns, such as buying, producing, selling, 
accounting, executive management; second, courses dealing with 
the principles and practice applicable to special lines of business 
as for instance, banking, brokerage, insurance, manufacturing, mer- 
chandising, transportation, shipping, real estate, mining, and so on. 

Psychology of Business, Advertising and Salesmanship — 
Mondays Professor Scott and Mr. Mahin 

This course will provide for a thorough and comprehensive 
study of the human and personal elements in business. Emphasis 
will be placed upon the established laws of psychology which have 
the most direct application to business. Psychological principles 
of eflScient organization. Esprit de corps. Laws for increasing 
human efficiency, whether in oneself or in employees. Principles 
involved in the relation of employer and employed; in the relation 
of a business establishment to the public. Development and 
analysis of goodwill. 

Advertising and salesmanship will be studied as a single branch 
of business organization. Advertising as resting on the funda- 
mental principles of exchange and mutual service. With these 
principles as a keynote, Mr. Mahin will treat advertising as a 
form of salesmanship, and will contrast practical selling and ad- 
vertising methods. Drawing upon the experience of everyday 
business, he will seek to trace the development of various adver- 
tising services and to derive a basis for testing the efficacy of specific 

In this part of the course Professor Scott will apply the prin- 
ciples of business psychology to advertising problems. The 


mechanical and artistic elements in advertising. Publicity de- 
partments in various establishments. Throughout the course 
principles will be tested by application to actual business experience. 

Fire Insurance — Tuesdays Mr. Finnegan 

This course is intended to cover both the theoretical and 
practical aspects of fire insurance and allied branches of the in- 
surance business. 

The lectures will deal with the history and general conduct of 
the business; the relations of underwriter and assured to the state; 
the system of making rates, which will involve a consideration of 
the mathematics of insurance. Kinds of policies and risks as 
effected by provisions for preventing fire and by other circum- 
stances; different methods of determining risks. Outline of 
insurance company organization, practice and routine, with ex- 
planation of schedules, rules and forms. Co-insurance, re-in- 
surance and other forms of insurance contracts. Investment of 
insurance funds; computation of reserves and other features of 
insurance accounting; the appraising, adjustment and settlement 
of losses. Public aspects of insurance; state regulation. 

It is expected that experts will from time to time give lectures 
on certain specialties, such as marine, accident, employers' liability 
and surety-bonding insurance. 

Life Insurance — Fridays Dr. Campbell 

The aim of this course is to provide a general introduction to 
the theory and practice of life insurance. It is designed for those 
who could profit by a general knowledge of life insurance as a 
business, as well as for those who desire to specialize in the subject. 

A study will be made of industrial, fraternal and assessment 
insurance, the advantages and disadvantages of each, and proper 
relations of each to the individual; the mathematical basis of 
mortality tables, and methods of computing therefrom premiums, 
annuity assessments and general policy values; organization of 
an insurance company, its problems of management, force of 
salesmen, and branch agencies; ** industrial" insurance, so-called, 
and problems therewith connected; the questions of risks and 
medical examination; established practice in regard to providing 
for expenses, investments of funds and the equitable distribution 


of the surplus; state control over life insurance corporations as 
regards taxation and supervision. 

Merchandising — Tuesdays Mr. Mason 

Assisted by special lecturers 

A special feature of this course v^ill be a series of lectures by 
experienced business men possessing intimate practical knov^^ledge 
of the several topics under discussion. The fact that Chicago is 
the great central market of the country makes it especially de- 
sirable that the experience and the material pertaining to 
the organization of its great mercantile establishments should 
become available for the young men whose efficiency v^ill de- 
termine both their own success and the commercial future of 
the city. 

In this course the organization of the wholesale and retail 
trades and their relations to each other will be studied, together 
with the question of credits and the advantages to be derived from 
the co-operation of dealers through commercial societies such as 
the Association of Commerce. Lectures by members of the Asso- 
ciation will bring out the relations existing between Chicago's 
trade and commercial policies and the city's future development. 
An examination will be made of leading establishments, both 
wholesale and retail; the organization of departments; methods 
of holding departments responsible; the criteria employed for 
determining both the efficiency and profitableness of each depart- 
ment and its allottment of floor-space and capital. Adminis- 
tration of various kinds of departments, as Treasury, Collections, 
Traffic or Delivery, Store-room, Tool, Shipping. 

The policy of the management toward the employees will be 
taken up, in connection with a consideration of the different 
systems of paying wages; organization and maintenance of a work- 
ing force; provisions for the comfort, recreation, and education 
of employees; methods of enhancing the efficiency of labor under 
varying conditions. The organization of the executive branch of 
a business will be considered, together with questions of executive 

The constant aim of the work of this course will be to bring out, 
by criticism and discussion, the principles involved in successful 



Railroad Organization and Problems — Fridays. Mr. Kerr 

This course is designed to afford a broad survey of the organ- 
ization of a railroad and of its relations to shippers, the public at 
large, and the government. At the same time problems of special 
interest to those who plan to enter the railroad service will be 
given critical consideration. 

After a preliminary discussion reviewing the factors which 
determine the character of a railroad and thus influence the form 
of its organization, the course will describe the internal make-up 
of a railroad system and its principal departments. The external 
relations will then be described; stress will be laid upon such 
questions as the development of transportation systems and their 
relation to markets; Chicago, **The Great Central Market*' and 
its railroads; the rights and liabilities of common carriers of goods 
and passengers at common law and under modern statutes, and 
traflic problems. Under the head of traffic an examination will 
be made of divisions and classification of rates, rate agreements, 
rate wars and the like. 

The relations of the railroad to the state will include a survey 
of restrictive and regulating legislation, both state and national, 
in the past and in the present. The Interstate Commerce Act, 
as interpreted by the Interstate Commerce Commission and the 
courts, will be examined. 

Throughout the course there will be kept steadily in view the 
underlying principles of transportation problems, the sources 
from which they are drawn, and their practical application. 
Lectures by practical railroad men will be given from time to time 
on special topics. 

[Establishment and Management of a Business ] 

Not given in 1909-10. 

Factors determining the time and place of opening a business; 
General political and industrial conditions; proximity to a stable 
and expanding market; probable competition, amount and kind; 
availability and cost of materials and power; freight rates and 
transportation facilities; rents; labor supply. Policy of manage- 


ment toward laborers — the open or the closed shop. The organ- 
ization of departments. Expansion through branch concerns; 
absorption of competitors; division of business between branches; 
tests of efficiency of branches. Large scale production, develop- 
ment of markets; disposal of surplus product; cultivation of 
foreign markets. Relation between the producing and finance 
elements in large business. Consistency of general executive 
policy. Material for the course will be drawn from concrete 

[Publishing ] 

Not given in 1909-IO. 

Publicity is the keynote of modern business. The publishing 
business is important not only as an independent industry but also 
as an adjunct of every important line of business. The official 
organ is an indispensable element of every thriving trade. Pub- 
lishing will be studied from both these points of view. Typical 
publishing institutions will be observed and their organization 
discussed. The organization of the different branches of the 
business, as book publishing, newspaper publishing, magazine 
publishing, will be studied. Discussion will be had of the relation 
of publishing to other lines of business. The aim will be to present 
the actual facts and principles involved in the present organization 
of the industry. Representatives of important publishing firms will 
assist in the presentation of the work. 

[Real Estate ] 

Not given in 1909-IO. 

Those interested in the law of real estate are referred to Mr. 
Bay's course, Commercial Law IL 

Principles and practice involved in the management of real 
property. Factors determining the value of real estate in different 
locations; residence neighborhoods, suburban real estate; real 
property and transportation facilities; effect of location and 
arrangement of streets; business properties; office buildings. 
Practice connected with the purchase and sale of real estate; 
methods of acquiring title; rights and privileges of purchaser 
under mortgage; under conditional sale. Law and usage con- 
cerning landlord and tenant; position of subtenant. Relation 
of real estate transactions to contracting and building enterprise. 


Additional Courses 

The connection of the school of commerce with other depart- 
ments of the university and its proximity to neighboring institu- 
tions, will often enable it to offer additional courses for which there 
is sufficient demand. Numerous subjects, not included necessarily 
within the scope of a general course in commerce, may be indis- 
pensable for certain lines of business activity. The following 
are some of the courses for which arrangements may be made in 
in case there is sufficient registration. 

Business English 
The ability to use the English language with dignity and force 
is an indispensable part of a business man's equipment. Students 
who lack this ability will be expected to make up their deficiencies 
before graduation. English work offered in the School of Com- 
merce will assume a knowledge of ordinary forms and will aim 
to give students a more complete mastery of the language and 
greater fluency of expression. Drill and criticism in the writing 
of arguments, themes, letters, reports, and other forms of compo- 
sition will be an important feature of the work. 

Commercial Spanish 
The growing importance of our commercial interests in coun- 
tries where Spanish is spoken, due to our insular possessions and 
the relations of the United States with the South American Repub- 
lics, makes a knowledge of Spanish indispensable to many lines 
of business activity. The work in Spanish will begin with a 
thorough training in pronunciation and conversation. Appropri- 
ate stress will be laid on the technical vocabulary of trade, and 
on Spanish forms of commercial correspondence. Thorough 
drill in grammar and in the use of correct and idiomatic expression 
will be an important feature of the work. 

Commercial German 
The unparalleled expansion, during the last half century, of 
German commerce and its entry into all the markets of the world, 
make a knowledge of the German language a condition of success- 
ful competition in many lines of foreign trade. The work in 


German will be so arranged that fleuncy in the correct use of the 
spoken language may be supplemented by training in written 
correspondence involving a knowledge of German business forms 
and usages. To this end frequent exercises in conversation and 
in grammatical forms will be accompanied by practice and criti- 
cism in commercial correspondence. 

Commercial French 
The fact that French is the official language of many European 
countries and is used in many other parts of the world where our 
foreign commerce is assuming increasing importance, makes a 
knowledge of French indispensable in many branches of foreign 
trade. The main feature of the work in French will be a thorough 
drill in French grammar and idioms. The course is intended for 
those who desire a practical knowledge of modern French for 
business purposes. 

Industrial Chemistry Industrial Engineering 
Economic Geology 
It is probable that a number of students in the last year of their 
course will desire elementary work in one or more scientific subjects 
intimately connected with certain lines of industrial activity. The 
laboratories located in the upper stories of the Northwestern 
University building, in use during the day by the schools of phar- 
macy and dentistry, will make it entirely practicable to meet de- 
mands of this kind. 

Application for Additional Courses 
Students desiring to pursue work of a university grade not an- 
nounced in this bulletin should make application at the office, 
Room 224, early in the year. This will facilitate an advance 
estimate of the demand and may make possible provision for 
work which otherwise could not be arranged. As soon as prac- 
ticable, applicants will be advised whether the establishment of 
the desired courses appears feasible. 


General Statement 

Admission Requirements 

Applicants for admission to the School must be at least eighteen 
years of age. 

Diploma Course 
Every candidate for a diploma from the School of Commerce 
will be expected to have had the advantage of a complete high- 
school training or its equivalent. The University recognizes, 
however, that many young men who have not completed a high- 
school course are superior in mental power to less experienced 
men with better scholastic opportunities. Every candidate for 
admission who has not had the equivalent of a high-school course 
is asked to submit a detailed statement of his training and business 
experience; the criterion for admission to the several courses will 
be the ability to pursue the work with profit. Only applicants 
whose training and experience give evidence that they can carry 
the work successfully will be registered. 

Degree Course 
As noted elsewhere in the bulletin, the establishment of a 
degree course in the near future is contemplated. Requirements 
for admission to this course will probably be essentially as follows: 
Applicants will be required to present at entrance at least two 
full years of credit in a college of recognized standing. 

Advanced Standing 
Students who have completed in other departments of the 
University work essentially equivalent to any of the courses offered 
in the School of Commerce will receive appropriate credit. 
Properly certified credit for work done at other universities and 
colleges of accepted standing will be similarly credited. Students 
who have passed the Illinois examination for the degree of Certi- 
fied Public Accountant will receive due credit for work in Account- 


Graduation Requirements 

Required Work 

All candidates for a diploma or a degree in the School of Com- 
merce must complete at least the following required work: One 
year's work in Accounting; one year's work in Commercial Law; 
one year's work in Finance, and one other prescribed course to be 

Graduation and Diploma 

The trustees of Northwestern University, on recommendation 
of the faculty of the School of Commerce, will grant a diploma to 
students who have saitsfactorily completed an approved course of 
study normally requiring four evenings a week throughout three 
school years. For the convenience of those whose other duties 
will not permit them to carry four subjects a week, a four-year 
course of three evenings a week is recommended. 

Degree in Business Administration 
The precise conditions for conferring this degree have not yet 
been determined. Provision for the degree will assume, however, 
that in addition to completing all entrance requirements, two full 
academic years are to be devoted exclusively to the work of the 

Combined Course in the School of Commerce 
and the College of Liberal Arts 

It is contemplated that students in the College of Liberal Arts 
will be permitted, by combining their college course with the course 
in the School of Commerce, to shorten by one year the aggregate 
time required for the two degrees. 

Later Degree Announcements 
Further announcement concerning degrees will appear in a 
later bulletin. 

Methods of Instruction 

Instruction is adapted to the nature of the subject under 
consideration. In the Commercial Law courses the case system 


is used. Wherever feasible, analogous methods are employed in 
other courses. In connection with lectures by the instructor, 
emphasis is laid on independent work and class discussion by the 
students. Text-books in many of the courses are replaced by 
mimeograph copies of lectures and other class exercises. Refer- 
ence is made, wherever practicable, to books and articles in which 
subjects taken up in the class are further discussed. It is ex- 
pected that students will note for further study important points 
covered in the work of the class. The object of instruction at 
all times will be to assist the student to derive from his reading, 
from the class exercises and from his own experience, fundamental 
principles capable of concrete application in business. 
Special Lectures 
Regular instruction in the several courses will provide for 
frequent lectures by men who, from their experience, are in a posi- 
tion to speak authoritatively upon the subjects under discussion. 
In addition to this, men prominent in business and professional 
life of the community will, from time to time, give general lectures 
to all the students of the School. 


The students in the diploma course will find that their regular 
business activities offer most valuable opportunity for making 
practical applications of principles brought out in the course of 
their study. 

In the degree course, provision will be made by which students, 
at least in the last year of their course, may accompany their 
regular class instruction with apprenticeship in the business in 
which they later intend to make their careers. 

Single Subjects 
Persons of suitable age and business experience, who are not in 
position to register for the complete diploma course, may take any 
single subject for which they are prepared. Should the student 
later decide to complete the full course, subjects so taken will be 
duly credited. 

Degree of Certified Public Accountant 

By act of the General Assembly passed May 15, 1903, pro- 
vision is made for a state examination for the degree of Certified 


Public Accountant. For many years the Illinois Society of Certi- 
fied Public Accountants contemplated founding a school in which 
should be given the work necessary to prepare for this degree. 
One of the results of commercial development during the last 
generation has been the growth in importance of the accounting 
profession. A knowledge of accountancy is becoming almost in- 
dispensable to the successful conduct of every business. Business 
efficiency demands, moreover, that the professional accountant 
shall be a man of broad and fundamental training and of recog- 
nized professional standing parallel to that of the lawyer and 
the physician. The close connection of the School of Commerce 
with the leading men of the profession enables it to set a high 
standard of professional training. 

The administration of the state law is placed upon the Univer- 
sity of Illinois, but the Northwestern University School of Com- 
merce will co-operate in every possible way in providing the train- 
ing necessary to the successful operation of the law. 

Credit in other Departments of the University 

Upon fulfillment of entrance requirements and payment of 
matriculation fee, students in the School of Commerce may be 
entered as candidates for degrees in other departments. Upon 
vote of the faculty of another School of the University, work in the 
School of Commerce along lines covered by the curriculum of the 
department may be credited toward fulfilling the requirements 
for a degree in that School. 

Day Work 

It is not proposed to confine the work in commerce to students 
in evening courses. A large proportion of the subjects which 
should come within the scope of a day course in commerce are 
now offered at Evanston, as a regular part of the curriculum in 
the College of Liberal Arts (see University Catalogue, pp. 82-84). 
It is expected that these courses will be supplemented by other 
courses at Evanston, while provision for the Degree in Business 
Administration, eslewhere described, will give students preparing 


for a business career an opportunity to pursue their professional 
study in Chicago where day, as well as evening, courses will be 
given in the near future. The combined course in Evanston and 
Chicago will offer a maximum opportunity for cultural develop- 
ment directed to practical ends. 

Consular Service 

While the curriculum of the School of Commerce has not been 
specifically arranged to meet the demands of consular examina- 
tions now in force, it is obvious that efficiency and success in pro- 
moting American commercial interests abroad demand a thorough 
mastery of the fundamental principles underlying American busi- 
ness. It is hoped that special courses may later be arranged for 
students who are preparing for the consular service. In the mean- 
time, courses offered in the School of Commerce, supplemented by 
courses in the College of Liberal Arts and Law School, will furnish 
the preparation required. 


The tuition fees, per annum, in the School of Commerce will 
be as follows: 
For full diploma course, four evenings of 2 hours each a 

week ^75-00 

For three subjects, three evenings a week . . . . 60.00 

For two subjects, two evenings a week 45-00 

For one subject, one evening a week 25.00 

Tuition is divided into two equal installments, payable October 
II, 1909, and February 14, 1910. 

Students who become candidates for a diploma or a degree 
will be required to pay the matriculation fee of five dollars. 

Until regular day work in Chicago is established in the School 
of Commerce, students in other departments of the University 
will be admitted to the courses of the School of Commerce upon 
payment of the fees required in their respective departments. 

No tuition will be refunded except upon satisfactory evidence 
that illness compelled the student to withdraw permanently from 
the School. 


Prizes and Scholarships 

The Joseph Schaffner Prize 
A prize of one hundred dollars, the gift of Mr. Joseph Schaffner, 
is awarded annually to that student in the School of Commerce 
who has taken at least three courses throughout the year and whose 
work shows the best record for the year. 

The Illinois Society of Certified Public Accountants 

A prize of one hundred dollars was established in June, 1909, 
by the Illinois Society of Certified Public Accountants, for the 
purpose of stimulating interest in those subjects which are in- 
dispensable to students intending to enter the profession of ac- 
countancy. It is awarded annually to that student in the School 
of Commerce who makes the best record for the year in the two 
courses of Intermediate Accounting and Commercial Law (either 
I or II). 

Scholarships for Employes 

A number of business men in the past year have given scholar- 
ships in the School of Commerce to men in their employ. It is 
expected that an increasing number of employers will avail them- 
selves of this opportunity to encourage ambitious young men and to 
show their appreciation of the qualities that make for efficiency 
and progress. 

Bureau of Appointments 

Through this bureau an effort is made to keep in touch with 
the growing demand of the business community for trained men. 
The Bureau oflFers its services to all of the students in the School 
of Commerce who are seeking to increase their efficiency and to 
rise to positions of greater responsibility. Obviously, not every 
student registered in the Bureau can expect to secure precisely 
the kind of position nor the degree of promotion he may desire. 
Those especially who are just entering on a business career will 
realize that they must usually begin at the bottom. The efficacy 
of any efforts in behalf of students put forth by officers of the School 
will depend to a very large extent upon the co-operation of the 


students themselves. Information which may come to any student 
concerning positions to be filled should be brought promptly to 
the attention of the Bureau, together with such details as can be 
secured. The interest and active co-operation in the work of the 
School of Commerce, shown by representatives of the leading 
business firms, will offer peculiar advantages to students and 
graduates who are seeking employment or promotion. 

Registration for employment should be made at the office of the 
School. All communications for the Bureau of Appointments 
should be addressed to the Secretary of the School of Commerce, 
Northwestern University Building, Lake and Dearborn Sts., 

Out-of-Town Students 

The evening courses now being off*ered are primarily for the 
benefit of men who are regularly employed in business in Chicago. 
The officers of the School of Commerce will be pleased, however, 
to communicate with men from a distance who desire to avail 
themselves of the opportunities of the School. It is not impossible 
that in some cases prospective students, through the agency of the 
Bureau of Appointments or otherwise, may secure positions in the 
city. Such an arrangement would add to the advantages of the 
School those of a broader business experience. 


Registration for work in the School of Commerce may be made 
at the hours indicated below or at the regular time of meeting of 
the classes. 

Hours for Consultation 

The office of the School of Commerce, in Room 224, Northwes- 
tern University Building, at the corner of Lake and Dearborn 
Streets, Chicago, will be open from 9 a. m. to 5 P. M., and 6:30 
to 7 p. M., daily; Saturdays from 9 to 1:30. Between Septem- 
ber 15 and October 5th, the Dean or Secretary will be at the 
office from 12 to 6 daily, Saturdays from 12 to 2. Consultation 
at other hours will be arranged upon request. 

Address all correspondence to the Northwestern Univer- 
sity School of Commerce, Lake and Dearborn Streets, Chicago. 


Prizes and Honors 


The Joseph Schaffner Prize, for highest scholarship in 
three or more courses: Wille Alvin Forward. 

The Illinois Society of Certified Public Account- 
ants* Prize: not awarded in 1908-09. 

The work of the following students, registered for three or 
more courses in the School of Commerce in 1908-09, was marked 
by distinguished excellence: 

W. A. Forward J. H. Gilby 

C. A. Gaensslen J. S. Kelly 

Levering Moore 
The work of the following students, registered in fewer than 
three Courses in the School of Commerce in 1908-09, was marked 
by distinguished excellence: 

H. N. Barber 

C. H. Langer 

H. P. Brown 

G. S. Marsh 

E. F. Eliel 

John McKinlay 

William Epple 

W. A. Mueller 

A. B. Gordon 

Don W. Riley 

L. G. Groebe 

C. R. Stanley 

P. C. Johnson, 


W. F. R. Utteg 





Students Registered in the School 
of Commerce 

For the Year 1908-1909 

Address is in Chicago unless otherwise stated. 

Allhands, Bernard, bookkeeper, Oakland National Bank. 

Alter, Leo, assistant bookkeeper. Alter Light Co., 40 Franklin St. 

Anderson, Arthur M., correspondent, J. W. Butler Paper Co., 

218 Monroe St. 
Anderson, Daniel, student. College of Liberal Arts, Evanston. 
Anderson, William W., bookkeeper, Commonwealth Electric Co. 
Angus, Harry, engineer and draftsman, Western Electric Co. 
Appleyard, George V., salesman, John V. Farwell Co. 
Armstrong, Arthur W., bookkeeper, Ayer & Lord Tie Co., 9 

Jackson Blvd. 
Avery, W. Louis, Dennison Manufacturing Co., 23 Randolph St. 
Barber, Henri N., salesman and buyer. Armour & Co. 
Barlow, Basil D., clerk, Hornblower & Weeks, 15a Monroe St. 
Barthel, George L., clerk, Morris & Co. 
Bates, Lewis J., paymaster clerk. Board of Education. 
Batty, Frederick, bookkeeper. People's Gas Light & Coke Co. 
Bayston, Arthur H., public accountant, 6940 Normal Ave. 
Beck, Arthur L., bookkeeper and cashier, Bradley & Vrooman 

Co., 2629 Dearborn St. 
Benson, Roy, clerk, Chicago, Burlington & Quincy Railroad Co. 
Bernstein, Isaac M., office manager. Monarch Leather Co., 619 

Lake St. 
Betak, Theodore W., public accountant. Investors Audit Co., 181 

LaSalle St. 
Black, Jay P., president, J. P. Black & Co., 418 Dearborn St. 
Block, Michael O., correspondent, Chicago City Railway Co. 
Bonner, Clarence E., stenographer, Charles F. Pogge, 159 LaSalle. 
Boomer, Henry R., vice president, Ellsworth & Cross Co., 145 

Van Buren St. 
Bowman, John A., public accountant, Barrow, Wade Guthrie 

& Co., 99 Jackson Blvd. 


Bracken, Martin L., accountant and Auditor, 6230 Madison Ave. 

Brenner, John, bookkeeper, H. F. Norcott & Co., 123 E 43rd St. 

Brenstein, John H., accountant, McVoy Sheet & Tin Plate Co., 
25 Michigan St. 

Brown, Herbert P., pubHc accountant, Barrow, Wade, Guthrie 
& Co., 99 Jackson Blvd. 

Burnham, John, Burnham, Butler & Co., 159 LaSalle St. 

Buss, Elmer H., Bookkeeper, Franklin, MacVeagh & Co. 

Carman, George M., 910 Lake St., Evanston. 

Carpenter, Cecil W., bookkeeper Standard Glass Co., 2345 LaSalle. 

Carroll, William T., correspondent, Chicago, Milwaukee & St. 
Paul Railway Co. 

Carson, Samuel P., credit office, Carson, Pirie, Scott & Co. 

Carson, William A., salesman, Carson, Pirie, Scott & Co., Whole- 

Clark, John A., Babcock, Rushton & Louderback, 217 LaSalle St. 

Cleveland, Paul W., broker, Charles W. Gillett, 115 Adams St. 

Cohen, Haskell C, bookkeeper, Chicago, Rock Island & Pacific 

Cole, Wesley T., public accountant, 2731 Archer Ave. 

Comstock, George E., salesman, Wohl & Comstock St., 548 Madi- 
son St. 

Cook, Jonathan B., banking, 915 College Ave., Wheaton, 111. 

Crabb, Jesse N., stenographer, Wabash Railroad Co. 

Crawford, David A., secretary to vice-president, American Car & 
Foundry Co. 

Cullen, William H., public accountant, 1755 Magnolia Ave. 

Dahl, Charles, draftsman. Metropolitan West Side Elevated 

Dallmer, John L., manager counting room, Marshall Field & Co. 

Danziger, Samuel, public accountant, Everett Audit Co., 122 
Monroe St. 

Davies, Elmor G., accountant. Western Electric Co. 

DeCelle, Arthur A., accountant. Life Insurance, 5249 Indiana Ave. 

DeGolyer, Donald L., bond salesman, William Salomon & Co., 
181 LaSalle St. 

Dell, Herbert C, bookkeeper, Friedman Mfg. Co., Stock Yards. 

Deyo, Herbert, cashier, Liverpool, London & Globe Insurance 
Co., 205 LaSalle St. 


Doble, Henry L., auditor, International Harvester Co. 

Dole, William J., accountant and correspondent. Armour & 

Dombrow, Randolph C, bookkeeper. Western Foundry Co., 3634 

S. Kedzie Ave. 
Dow, Robert W., bookkeeper, Friedman Mfg. Co., Stock Yards. 
Draper, William A., junior accountant, John Alexander Cooper 

Duea, Severt B., Everett Audit Co., 122 Monroe St. 
Duncan, Arthur W., bookkeeper, Chicago & North Western 

Railw^ay Co. 
Eliel, Edv^in F., bookkeeper. Hart, SchafFner & Marx. 
Ennis, Emile S., 1374 Perry St. 

Epple, William, cashier, American Steel Foundries, 115 Adams St. 
Erickson, Adolph, bookkeeper and cashier, H. M. Stevenson Co., 

210 Wabash Ave. 
Eysenbach, Henry A., clerk, Western Electric Co. 
Ferdinandsen, Albert, bookkeeper, Marshall Field & Co., Retail. 
Fieburg, Paul H., city sales manager, J. S. McDonald Co., 143 

Dearborn St. 
Flury, Walter F., stenographer, Edgar M. Snow & Co., loi 

Washington St. 
Foerster, Paul, Jr., bookkeeper, Metropolitan Trust & Savings 

Fogg, Dockwood W., accountant, Barrow, Wade, Guthrie & Co., 

99 Jackson Blvd. 
Forbes, Thomas D., bank clerk, Bank of Montreal, 184 LaSalle St. 
Ford, Charles A., accountant, American Steel Foundries, 115 

Adams St. 
Forward, Wille A., bookkeeper, Chicago Railway Equipment Co. 

46th & Winchester. 
Foster, Lucius N., student, Northwestern University Law School. 
Gaensslen, Carl A., student, 584 LaSalle Ave. 
Gait, Thomas A., clerk, Adams & Westlake Co., no Ontario St. 
Garnett, Joseph B., credit department, Marshall Field & Co. 
Geiss, William H., accountant, E. J. E. Ward, 4908 Washington 

Park Place. 
Gilby, Joseph H., department clerk, Morris & Co. 
Goettsche, Harty C, accountant, C. Nigg, 103 Randolph St. 


Goetz, Albert, Lawyer, 1424 LaFayette Parkway. 

Colder, George A., cashier. Green Engineering Co., 115 Adams. 

Gordon, Arthur B., public accountant, Wilkinson, Reckitt, Wil- 
liams & Co. 

Griener, Louis O., clerk. International Harvester Co. 

Groebe, Louis G., public accountant, Arthur Young & Co., 98 
Jackson Blvd. 

Grosser, Fred A., accountant, Chicago, Rock Island and Pacific 
Ry. Co. 

Haas, George H. J., assistant sales manager, Fitz-Hugh, Luther 
Co., 98 Jackson Blvd. 

Hackley, G. L., bank clerk. Foreman Bros. Banking Co., no 
LaSalle St. 

Haglund, Arthur L., bookkeeper, Devoe, Raynolds & Co., 176 
Randolph St. 

Hall, John S., private secretary, Atchison, Topeka & Santa Fe 
Ry. Co. 

Hansen, Arthur M., West Chicago Park Commission. 

Hansen, Herbert C, teacher, Tuley High School. 

Hargrave, Albion F., cashier, Domestic Sewing Machine Co., 50 
Wabash Ave. 

Harper, Arthur P., public accountant, 452 LaSalle Ave. 

Harraden, Charles G., Berwyn, Illinois. 

Harrington, Charles N., public accountant and auditor, 212 
Home Ave., Oak Park. 

Havener, P. W., 5324 Calumet Ave. 

Heath, Charles H., accountant. Assets Realization Co., 100 Wash- 
ington St. 

Hegberg, Reuben O., clerk. Merchants Loan & Trust Co. 

Henricksen, Olaf, bank clerk. National Bank of the Republic. 

Henschell, Erich, correspondent, Progress Tailoring Co., 158 
Harrison St. 

Heyne, Kurt F., accountant, Dickinson, Wilmot & Sterrett, 143 
Dearborn St. 

Hiemke, Hugo V., accountant. International Harvester Co. 

Hill, Bruce L., Brown Bros. Mfg. Co., 22nd and Campbell Ave. 

Hill, Paul K., D. K. Hill & Co., 134 Van Buren St. 

Hoke, Edwin F., cashier, J. W. Butler Paper Co., 218 Monroe St. 

Holmgren, Henry R., auditor's office, Pullman Co. 


Hooker, John P., H. O. Stone & Co., 125 Monroe St. 
Horowitz, Isidore C, export department, Hibbard, Spencer, 

Bartlett & Co. 
Horwich, Arthur N., manager, Horwich Vitkin Co., 2455 Archer 

Howard, Wilfred N., cashier, Peabody, Houghteling & Co., 181 

LaSalle St. 
Huston, John J., secretary to comptroller, American Steel Foun- 
Janke, William C, bookkeeper, McNeil & Higgins, 3 State St. 
Jarchow, Christian E., voucher clerk, Illinois Central Railroad. 
Jensen, Z. L., stenographer, Buchanan, Walton, Joplin & Co., 

189 LaSalle St. 
Johnson, G. Stuart, accountant. International Audit Co., 135 

Adams St. 
Johnson, Paul C, public accountant, American Accounting Co., 

143 Dearborn St. 
Johnson, Walter L., teller. National Bank of the Republic. 
Jones, Herbert, assistant cashier. South Chicago Savings Bank. 
Jones, James S., Chicago Telephone Co. 
Judson, Frederick C, bookkeeper. Swift & Co. 
Kelly, Joseph S., bookkeeper, Federal-Huber Co., 54 N Halsted St. 
Kern, Harry R., adjuster, Marshall Field & Co. 
Knudsen, Adolph K., State Bank of Chicago. 
Langer, C. H., accountant. International Audit Co., 135 Adams St. 
Lapham, Ralph L., stenographer, William Salomon & Co., 181 

LaSalle St. 
LeClear, Walter M., accountant, Wilkinson, Reckitt, Williams & 

Co., 802 Marquette Bldg. 
Lehman, Botho, bookkeeper. Bach Fur Co., 127 Michigan Ave. 
Leland, Clarence R., fire insurance broker, Lansing B. Warner, 

5 Wabash Ave. 
Lewis, Martin E., bookkeeper, Chicago Telephone Co. 
Linn, Howard, Burnham, Butler & Co., 159 LaSalle St. 
Linn, Winfield S., clerk, Butler Bros. 

Lohrens, Louis F., solicitor, J. P. Black & Co., 418 Dearborn St. 
Lothrop, Frederic L., teller, assistant treasurer of the United 

Lutterbach, Albert, cashier, Chicago Specialty Box Co., 214 

Kinzie St. 


McCafFerty, Joseph P., bookkeeper, India Tea Co., 217 E 31st. 

McCaulay, John A., public accountant, Mark Summers & Co., 
206 LaSalle St. 

McDonald, Arthur J., secretary, J. S. McDonald Co., 143 Dear- 
born St. 

McGrain, Peter L., bookkeeper, 6 Oakland Crescent. 

Mclllvaine, W. D., Jr., 456 N. Grove Ave., Oak Park. 

McKinlay, John, office manager, Marshall Field & Co., Retail. 

McNichols, George F., bookkeeper, Chicago Telephone Co. 

Maddock, William H., office man, J. W. Butler Paper Co. 

Markham, Frank O., bookkeeper. Monarch Telephone Mfg. Co., 
270 Washington Blvd. 

Marsh, George S., bank clerk, American Trust & Savings Bank. 

Marshall, Raphael P., secretary and treasurer. Riddle & Wunderle 
Co., 115 Dearborn. 

Martins, Magnus J., bookkeeper, Mandel Brothers. 

Meahl, Louis J., teller, National Bank of the Republic. 

Meguire, Harold H., Rogers, Brown & Co., 206 LaSalle St. 

Menard, George R., bookkeeper, Chicago Beer Pump Co., 108 
Franklin St. 

Meredith, Albert R., clerk. Monarch Telephone Mfg. Co., 270 
Washington Blvd. 

Merewith, Nev^ton H., clerk, H. M. Hooker Co., 120 W Washing- 
ton St. 

Meyer, Charles J., accountant, Paepcke Leicht Lumber Co., 140 
W. Chicago Ave. 

Mitchell, Karl M., division wire chief, Chicago Telephone Co. 

Modica, Leonard B., bookkeeper, American Bottle Co., First Na- 
tional Bank Bldg. 

Modica, Ralph G., Merchants Loan & Trust Co. 

Moore, Levering, sales manager, Peabody, Houghteling & Co., 
181 LaSalle St. 

Morrison, Paul R., bookkeeper, Ayer & Lord Tie Co., 151 5 
Railway Exchange Bldg. 

Moulton, Melvin W., bank clerk, First National Bank. 

Mozingo, Frederick P., bookkeeper and cashier, G. Merz & Son, 
211 E. Superior St. 

Mueller, Walter A., bank clerk. Union Trust Co. 

Murbach, Frederick G., bank clerk, Union Trust Co. 


Nedbal, Frank T., accountant, Wilkinson, Reckitt, Williams & 

Co., 204 Dearborn St. 
Nelson, Gilbert, public accountant, International Audit Co., 135 

Adams St. 
North, Hugh, lawyer, Greek-American Corporation. 
Partridge, Lee H., student, 147 Eugene St. 
Paselk, Erich P., bookkeeper, Wm. Schroeder Lumber Co., 1822 

Lincoln Ave. 
Peabody, Orren S., salesman, Marshall Field & Co. 
Pedersen, George N., bank clerk. Merchants Loan & Trust Co. 
Plimpton, Nathan C, accountant, University of Chicago. 
Poe, Floyd, S., salesman, Belmar Mfg. Co., 290 Rush St. 
Prather, Thomas J., auditor. The Credit Clearing House. 
Price, Walter H., bill clerk. Western Electric Co. 
Pugh, Christopher T., bookkeeper, Cluett, Peabody & Co. 
Ransom, Scott, Prairie State Bank, no W Washington St. 
Rastall, Ernest S., auditor, State Bank of Chicago. 
Reading, Wilbert D., heating contractor. Smith & Stewart, 5626 

South Blvd. 
Reeve, Robert L, accountant. International Audit Co., 135 Adams. 
Reynolds, Frank G., cashier, W. D. Boyce Co., 76 Dearborn Ave. 
Ricker, Rufus, bookkeeper, Albaugh-Dover Co., 915 Marshall 

Riley, Don W., bank clerk. Western Trust & Savings Bank. 
Robertson, William D., accountant, Arthur Young & Co., 13 15 

Monadnock Bldg. 
Roche, Nicholas T., clerk, American Steel & Wire Co. 
Rogers, Louis C, accountant, H. C. Whitehead, 206 LaSalle St. 
Rosenthal, Herman L., traffic manager, Estabrook-Skeele Lum- 
ber Co., 279 Dearborn St. 
Rossetter, George W., public accountant, Haskins & Sells, 204 

Dearborn St. 
Schkurovich, George J., bookkeeper, Mandel Bros. 
Scholz, Ferdinand M., accountant. The Foster-Munger Co., 

20th and Sangamon Sts. 
Schuneman, John J., bookkeeper, Cluett, Peabody & Co. 
Semple, Parian, Jr., student, 3606 Ellis Park. 
Seyl, Hubert H., solicitor, Charles Hellmuth, 357 Clark St. 
Shaw, Arch W., proprietor and editor. System Magazine, 151 

Wabash Ave. 


Shipman, Harry R., accountant and auditor, American Radiator 

Co., 282 Michigan Ave. 
Shute, Herbert W., bookkeeper, First National Bank. 
Singer, Harry S., office assistant, Eisendrath Glove Co., Armitage 

and Elston Ave. 
Smith, Charles G., Northern Life Insurance Co., First National 

Bank Bldg. 
Smith, Roy., Pontoosuc, 111. 

Snyder, Robert, accounting department, Chicago Railways Co. 
Spaulding, Claude M., public accountant, John Alexander Cooper 

Staehle, Robert, bookkeeper, Gage Bros. & Co. 
Stafford, Clinton A., lawyer, Chicago City Railway Co. 
Stanley, Charles R., public accountant, Arthur Young & Co., 131 5 

Monadnock Bldg. 
Steelhammer, Arvid M., draftsman. North Shore Electric Co., 

205 LaSalle St. 
Steen-Pedersen, John O., bookkeeper, Meyer & Co., Harrison & 

Sherman Sts. 
Steffelin, Edward H., assistant cashier. North American Accident 

Insurance Co., 217 LaSalle St. 
Stewart, Montgomery B., cashier and bookkeeper. Northwestern 

Stone, N. F., Prairie State Bank. 

Strobehm, Fred C, cashier, Lyon, Gary & Co., 204 Dearborn St. 
Sullivan, A. N., public accountant, John Alexander Cooper & Co. 
Thompson, Lawrence B., accountant, Phenix Insurance Co., 205 

LaSalle St. 
Thorp, William J., accountant, Goodrich Transit Co., Foot of 

Michigan Ave. 
Throne, Daniel G., salesman. Acme Steel Goods Co., 2438 Archer 

Tompkins, Norman C, stenographer, Aermotor Co., 557 Camp- 
bell Ave. 
Upton, Louis, Commonwealth Edison Co. 
Utteg, William F. R., bookkeeper, Mechanical Rubber Co., 230 

Randolph St. 
Valette, Elbert C, auditing department, Illinois Steel Co., 115 

Adams St. 


Vonesh, John W., Pullman Co. 

Waldberg, Bernard, city salesman, Butler Bros. 

Waldberg, Raphael, 51 Lincoln Park Blvd. 

Walsh, James G., Merchants Loan and Trust Co. 

Watt, Kenneth M., John G. Miller & Co., 248 Jackson Blvd. 

Weiss, Charles H., clerk and stenographer, Haskins & Sells, 204 

Dearborn St. 
Westerdahl, Jalmer P., bookkeeper, Aetna Powder Co., Room 17 18 

Tribune Bldg. 
Wheeler, Burt T., bookkeeper. Hydraulic Press Brick Co., 134 

Washington St. 
Wheeler, Frank A., clerk, W. A. Havemeyer & Co., 5 Wabash Ave. 
Whipple, Abner D., Western Electric Co. 
White, Miss A. J., 6221 Washington Ave. 
White, Harvey, Jr., Whiteside & Wentworth, 140 Dearborn 

White, Richard J., bookkeeper and cashier, W. H. Hoops, 10 

Monroe St. 
Wiedeman, Charles F., auditor, Paepcke Leicht Lumber Co., 

140 W. Chicago Ave. 
Wiersema, Nicholas W., Roseland Bank, 11 108 Michigan Ave. 
Willard, Charles B., accountant. City Treasurer's Office. 
Williams, Charles E., public accountant, Valette and Williams. 
Williams, David L, credit man, Marshall Field & Co., Retail. 
Wilson, Leon T., student. Northwestern University Law School. 
Winkelman, John E., real estate, 387 Warren Ave. 
Winslow, Clarence M., junior accountant, John Alexander Cooper 

Witt, Charles, broker, Babcock, Rushton & Louderback, 217 

LaSalle St. 
Wolf, Arthur, bookkeeper, Carson, Pirie, Scott & Co., Retail. 
Wood, Edwin W., clerk, Chicago, Burlington & Quincy Railroad 

Woodburn, William B., accountant, Morris & Co. 
Woodbury, William A., People's Gas Light & Coke Co. 
Yeager, Everett E., assistant to comptroller. International Har- 
vester Co. 
Youngren, Gustave H., advertising man, Manhattan Electrical 

Supply Co., 188 Fifth Ave. 




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4L The location of Northwestern University in and 
near a large city, and property to the value of 
$9,000,000, afford advantages that cannot be 

at Evanston, in an ideal college community, offers 
preparation for pursuits requiring broad training. 

C THE MEDICAL SCHOOL is one of the oldest 
and largest. Seven hospitals are open to students. 

C THE LAW SCHOOL, the oldest law school 
in Chicago, offers unexcelled library facilities and 
prepares for immediate practice in any state. 

scientific training in Pharmacy and Chemistry. 

C THE DENTAL SCHOOL offers expert train- 
ing in theory and practice. Facilities unsurpassed. 

C THE SCHOOL OF MUSIC affords preparation 
for music as an accomplishment and a profession. 

advanced courses in all branches of engineering. 
New building completed 1908. 

versity evening courses in accounting, banking, 
and business. Located in Chicago. 

C The University maintains Academies at Evans- 
ton and Elgin, the Grand Prairie Seminary at 
Onarga, and the School of Oratory at Evanston. 

Address the President, 87 Lake Street, Chica^a 

Cbansiton anli Chicago 

3 0112 105752825 

Application made for entry as second-class matter 
Bulletin of Northwestern University 
at the Postoffice at Evanston, Illinois 

Issued every month except 

January, February, April and October 

from University Hall, at Evanston, Illinois